May 5, 1992
TO: INVESTMENT ADVISER MEMBERS NO. 17-92
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 12-92
PENSION MEMBERS NO. 8-92
BROKER/DEALER ADVISORY COMMITTEE NO. 13-92
RE: DEPARTMENT OF LABOR WITHDRAWS PROPOSED BONDING EXEMPTION
__________________________________________________________
As we previously reported, the Department of Labor in 1987
issued a proposed regulation that would have exempted certain
broker-dealers and investment advisers from the minimum bonding
requirements of section 412 of the Employee Retirement Income
Security Act of 1974 (ERISA). (See Institute Memorandum to
Investment Adviser Members No. 47-87, Investment Adviser
Associate Members No. 45-87, Pension Members No. 41-87, dated
August 21, 1987.)
The Department of Labor announced in the attached excerpt
from its semiannual regulatory agenda that the proposed
regulation has been withdrawn.
We will keep you informed of further developments.
Kathy D. Ireland
Associate Counsel - Pension
Attachment
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